2024 Annual Report : simplebooklet.com

A Message Fromour President & CEOAs we look back on 2024, we would first like to expressour appreciation for our agency partners. Without yourongoing trust in our staff, products, and services, wecould not have achieved the meaningful results wedelivered this year. The past few years have been verychallenging for our industry, particularly for our agencypartners. The necessity for our industry to raise ratesdue to inflation, weather events, and reinsuranceconcerns has stressed the entire insurance buyingexperience. As reported in 2023, we intended to expand ourproducts into Indiana in 2024 and I am pleased to reportwe have accomplished just that. This expansionexemplifies our theme of “Growth, Expansion,Opportunity”. We believe this expansion will provide uswith the growth needed to build a stronger companywhile offering greater opportunities for our agencypartners and our policyholders.Mid-State Farmers Mutual, an Indiana-based farmmutual, affiliated with Wayne Mutual in January 2024.The Wayne team put forth a tremendous effort toprepare for and implement the steps necessary to beginconverting the Mid-State policies to our New Centuryproduct. This product has been very successful forWashington Mutual and provides additional options forour Indiana agency partners. Mid-State wrote $1.65million in written premiums in 2024, but we expect tosee very solid growth in this business in the comingyears just as we have for Washington Mutual. We willintroduce additional Wayne Mutual products in 2025and 2026 for Indiana, which will provide cross-sellingopportunities with the Mid-State product.Wayne Insurance Group surpassed $100 million inwritten premiums in 2023, but the growth weexperienced in 2024 was one for the record books. TheGroup grew by more than 30% in written premiums withpolicy count growing more than 11%. Again, many thanksto our partners, policyholders and staff as we continueto exceed our expectations. For 2024, the Group was able to revert to our norm inachieving an underwriting profit though it was veryslight. The storms continued in 2024 with more reportedtornadoes in Ohio than in any year prior. If you recall, 2023 was the first time in 13 years we hadnot achieved an underwriting profit so generating evena slight profit is a positive sign. Despite achieving anoverall underwriting profit, our Homeowners andFarmowners programs continued to underperform andmust be addressed further. The following is a recap of our financialhighlights for 2024: A combined loss ratio of 99.95%A 21% increase in group assets to $178millionA 30.71% increase in earned premium anda 30.13% increase in written premium We are extremely pleased that Wayne Mutual’sfinancial strength was validated again when A.M. Bestaffirmed our “A” (Excellent) rating. This ratingreflects the ability of Wayne Insurance Group tomeet the needs of its policyholders when theunexcepted happens. It also exemplifies the trust ofour policyholders and agency partners, along withthe hard work and dedication of the Wayne staff.Charitable giving and serving remains a vital part ofWayne Insurance Group’s culture. We supportednearly 60 organizations in 2024 with monetarycontributions and services provided by our staff. As amutual insurance company, Wayne Insurance Groupexists to serve its policyholders, but we alsorecognize that we must aid others within ourcommunities both financially and as volunteers. We look forward to 2025 with continued growth,product expansion, and exploring key opportunitiesthat will continue to build upon our joint successes.My hope is that 2025 be the year we see calmerweather, which will benefit our company, our agencypartners, and our policyholders. As always, we stand ready to assist our policyholders,especially in the event of a claim. We appreciateeach of our agency partners and the relationshipswe’ve built with you.

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Our mission is toprovide qualityinsuranceprotection andservice to ourpolicyholders. About WayneWayne Insurance Group consists of three insurance companies:Wayne Mutual Insurance CompanyWashington Mutual Insurance AssociationMid-State Farmers Mutual Insurance CompanyFor more than a century, these companies have provided solid insurance protection to Ohio and Indianaresidents. We have earned a reputation for supplying first-rate, competitively-priced coverage to home,farm, automobile and business owners in our local communities. We also take pride in our prompt, fairclaims service. Our claims specialists will meet your needs quickly, fairly and courteously.A Reliable Network of Independent AgentsHeadquartered in Wooster, Ohio, Wayne Insurance Group offers policies exclusively through a networkof more than 160 independent insurance agents located throughout the two states. We have alwaysbelieved that qualified, dedicated professional agents can provide the best possible advice to protectyour home, autos, farm or business. Independent agents can review multiple options and present youwith more choices, preparing an insurance package that provides the ideal coverage for you at acompetitive price.Wayne Insurance Group’s independent agents live in your towns and understand your unique concerns.The local agent offers quick service, product expertise and point of contact should a loss occur.A Commitment to PolicyholdersAs mutual insurance companies, we areowned by our policyholders who areentitled to vote for members of thecompany’s board of directors. We answeronly to our policyholders, not to an outsidegroup of shareholders. We exist solely toserve policyholders’ insurance needs and,through the years, we have expanded ourrange of insurance products and servicesto better meet those needs.A Family-Oriented ApproachOur company takes great satisfaction inhelping families and businesses recoverwhen disaster strikes. We remain a family-oriented company – we help families intime of need. We also offer employmentopportunities and serve as an extendedfamily to our agents, helping them growtheir own local businesses.

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DON RAMSEYERMETTA MCCOYTOD CARMONYBoard of DirectorsChairman. FormerPresident & CEO ofWayne Insurance Group.Also a retired MajorGeneral of the U.S. ArmyNational Guard. SCOTT PREISINGCPA and recentlyretired principal,Walthall, LLP.Vice Chairman. Ownerof DD Ramseyer Farms LLC. MORRIS STUTZMANPartner: Logee,Hostetler, Stutzman &Lehman Law Firm.Retained by WayneInsurance Group asGeneral Counsel. Former Director of FixedIncome Sales with BancOne Capital Markets (JPMorgan). CurrentPartner/Leasing Agent ofMMZ-T LLC, a real estateinvestment managementfirm, and Administrator forZettler Hardware. BEN MAIBACHPresident of TheWooster BrushCompany. TIM SUPPES President & CEO ofWayne Insurance Group. We are grateful for these agents who volunteered to participate in our advisory councilsand assist us in strengthening the partnership we have with our independent agents.Ryan LammTasha PruittRachel FordCorey HarrmannTravis CasselTaylor JusticeEmily GerberDarrick HummelJennifer ConleyRod MayhillBen NelsonMike FearonLaurie MillerKate CooperRyan HeadleyJohn BallCSR/Producer CouncilAdvisory Council

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What are ourwww. reallygreats ite.comI appreciate the way Wayne InsuranceGroup took care my claim. It was veryefficient and very easy. I would highlyrecommend WIG to anyone looking forinsurance. Thank you.“IT WAS VERY EFFICIENT AND EASY”DENNY M.This was my first claim with yourcompany since changing to yourcompany from a larger competitorthat had been great at processingclaims in the past, but was notmeeting my needs for coverages.Very impressed with how quickly andefficiently my claim was processed.“VERY IMPRESSED”JUSTIN B.I love Wayne Insurance Group. Theyare always courteous and friendly, Iwouldn't change a thing about mycompany.“ALWAYS COURTEOUS AND FRIENDLY”BOBBY C.Very speedy response to accidentrepair estimate. Received approval toclaim and check minus the deductiblewithin a couple of days of submittingthe claim. Thank You!“VERY SPEEDY RESPONSE”THOMAS R.You processed my claim quickly, andmy glass company was right out herethe next morning, fixing it with noproblems!“YOU PROCESSED MY CLAIM QUICKLY”TAMMY K.I was happy with the quick response.If I had questions they were veryquick to return my phone call.“HAPPY WITH THE QUICK RESPONSE”SHAUN G.policyholders saying?

2024 Annual Report

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